Student and graduate loans are becoming more popular as student debt continues to rise and students seek alternative ways of dealing with it. The good news is that student or graduate loans are generally available without the need to show steady income or offer security. This is extremely helpful, as most students will not have either of these. Student and graduate loans also come at relatively good interest rates, particularly having regard to the fact that they are completely unsecured. The thing to be wary of is that such loans may lock the student into a long-term relationship with the lender that may not be the most advantageous one.
Student Debt
Students leaving college today average about 14,000 in debt. More than two thirds of all students must borrow and the vast majority of this debt takes comes from special loans provided by the Student Loan Company. Once the student begins working, the loans will be repaid, but the interest rates are capped at the highly attractive rate of 1% above base rate. This is very low compared to most sources of credit available.
The rules for repayment are simple. Beginning in the April after graduation, 9% of...
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